Yello Paradisers, we’ve got a major update for you! Zhu Su, the founder of Three Arrows Capital, has been arrested in Singapore. Let’s dive deep into the details!

📰 Zhu Su’s Arrest: The Inside Story

Bloomberg has just reported that Zhu Su, the founder of the now-bankrupt Three Arrows Capital, was arrested in Singapore. The arrest took place at the airport as Zhu Su was attempting to leave the country.

📰 The Charges and Sentence

Zhu Su has been sentenced to 4 months in prison by the Singapore Court. The charges? Zhu Su’s failure to cooperate with the investigation led by the liquidators and his deliberate non-compliance with a court order that demanded him to account for his actions.

📰 The Liquidator’s Role

Teneo, the liquidator of Three Arrows Capital, played a pivotal role in this arrest. On September 25, 2023, Teneo secured an arrest warrant and a 4-month prison sentence for Zhu Su. Following this court decision, Teneo liquidators now have the authority to make further requests and pursue additional court actions to ensure Zhu Su’s full compliance with the court order, especially concerning the provision of information and documents related to 3AC.

📰 A Brief Backstory

Three Arrows Capital, a cryptocurrency hedge fund, faced liquidation by a court in the British Virgin Islands in June 2022 and subsequently filed for bankruptcy in July. The fund’s bankruptcy, triggered by significant losses during the crypto market crash, had ripple effects across the crypto industry. 3AC had borrowed substantial funds from crypto lenders like BlockFi, Celsius, Babel Finance, and Voyager Digital but failed to repay.

📰 Final Thoughts

The arrest of Zhu Su underscores the importance of transparency and accountability in the crypto world. As the industry matures, it’s crucial for stakeholders to uphold ethical standards and ensure the trust of investors.

Stay informed and keep exploring, Paradisers! 

ParadiseTeam🌴